Tomorrow, the Texas Senate will hold a public hearing focused on the creation of a Strategic Bitcoin (BTC) reserve.
This initiative, spearheaded by Republican Texas state Senator Charles Schwertner, seeks to enhance the state’s cash reserves by including Bitcoin assets.
The planned legislation would empower the state comptroller to invest in cryptocurrencies, contingent on meeting specific criteria. As of now, Bitcoin is the sole cryptocurrency that has maintained a market capitalization exceeding $500 billion over the last year, qualifying it for the reserve.
In Georgia, reports indicate that Senate Bill 178 has been recently proposed. If enacted, this legislation would permit the state treasurer to allocate up to 5% of state funds in BTC.
States such as Wisconsin have already been holding Bitcoin-related products for some time now.
While state lawmakers are progressing toward Bitcoin adoption, David Sacks, the Crypto Czar of the Trump administration, notes that the federal government is also assessing the situation.
Sacks mentioned that the President’s newly established working group on digital assets will initially explore the possibility of the US government retaining Bitcoin as a strategic reserve asset.
“One of the directives from the President is to evaluate the concept of a Bitcoin reserve. This will be a primary focus for the internal working group of the administration. We are currently awaiting the confirmation of some cabinet secretaries who are part of this working group.”
“We are still in the preliminary stages. However, examining the feasibility of a Bitcoin reserve will be one of our first tasks. The notion of a sovereign wealth fund is somewhat distinct.”
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